Revenue management – sitting on a gold mine
Why should telcos integrate their Revenue Management process?
Telecoms are facing the most challenging times for the last 10 years – a time where fast and easy growth driven by 2G, 3G, or even 5G is gone. Growing pressure from increased competition and a new wave of breakthrough technologies are impacting the industry. Maintenance and development of traditional services, legacy technologies, and BSS/OSS systems are either CAPEX heavy or OPEX demanding, or both. At the same time, there is enormous pressure from new players entering the market, offering SD-WAN solutions and riding the crest of the wave with a disruptive approach. To catch up with the trend, telecoms not only need to drive revenue from new business, their focus should also be on the protection of existing revenue.
A company that wants to be successful must identify and eliminate significant business risks throughout the entire end-to-end operational process.
Managing customer risk is another challenge for operators. The different time zones, languages, currencies and their fluctuations that affect customer charges are just the tip of the iceberg.
The effective cooperation with suppliers takes a vital role too, but managing this cooperation can be a manual and therefore time-consuming process, resulting in the delay of service delivery and income losses. How often do you have to run searching your inventories to eliminate unused items without revenue? How often do you find unbilled services?
Revenue leakage is one of the major concerns for telecommunications operators around the world. According to TM Forum’s Revenue Assurance Report 2019-2020, global telecom industry revenue leakage is estimated at 1.5% of overall revenue. Points of revenue leakage exist throughout the quote-to-cash cycle and occur because of ineffective and outdated processes, including pricing models, order management, contract management, service provisioning, and billing. By improving these processes and utilising a comprehensive BSS solution, telcos can minimize the risk of leakage and maximize revenue capture.
Enxoo for Communications helps you to maintain control of your revenue on every single step of the customer journey:
– Manage quotes and pricing models in the same system
– Streamline the vendor management process
– Optimize the order management process
– Automate the invoice generation and delivery process
– Utilize an effective Contract Lifecycle Management
– Harness SLA management
– Improve cost assurance performance
In addition, Enxoo’s automated billing solution can help you to reduce manual effort around invoicing and accounts receivables management, allowing you to save time and focus on the communication with your most valuable customers. Moving towards automated business processes enables you to reduce possible bottlenecks in your operations and unleash your full business potential.